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BlackRock Defensive Advantage Emerging Markets Fund
mutual fund
BADEX
Payout Change
Pending
Price as of:
$10.75
+0.04
+0.37%
primary theme
Emerging Markets Equity
share class
BADEX (Mutual Fund)
BlackRock Defensive Advantage Emerging Markets Fund
Payout Change
Pending
Price as of:
$10.75
+0.04
+0.37%
primary theme
Emerging Markets Equity
share class
BADEX (Mutual Fund)
BlackRock Defensive Advantage Emerging Markets Fund
Payout Change
Pending
Price as of:
$10.75
+0.04
+0.37%
primary theme
Emerging Markets Equity
share class
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
14.5%
1 yr return
21.9%
3 Yr Avg Return
4.2%
5 Yr Avg Return
N/A
Net Assets
$10.6 M
Holdings in Top 10
16.1%
52 WEEK LOW AND HIGH
$10.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 3.86%
SALES FEES
Front Load 5.25%
Deferred Load N/A
TRADING FEES
Turnover 64.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
BADEX - Profile
Distributions
- YTD Total Return 14.5%
- 3 Yr Annualized Total Return 4.2%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.27%
- Dividend Yield 0.7%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameBlackRock Defensive Advantage Emerging Markets Fund
-
Fund Family NameBlackRock-Advised Funds
-
Inception DateDec 21, 2020
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJeff Shen
Fund Description
The Fund pursues a “defensive” investment style, seeking to provide downside protection with upside potential through active stock selection, risk management and diversification. The Fund seeks to pursue its investment objective by investing in securities in a disciplined manner, by using proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to prioritize insights that demonstrate downside protection as well as identify aspects of mispricing across stocks which the Funds can seek to capture by over- and under-weighting particular equity securities while seeking to control incremental risk.
Under normal circumstances, the Fund seeks to invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities issued by, or tied economically to, companies in emerging markets and derivatives that have similar economic characteristics to such securities. BlackRock considers an emerging market country to include any country that is: (1) generally recognized to be an emerging market country by the international financial community, including the World Bank; (2) classified by the United Nations as a developing country; or (3) included in the MSCI Emerging Markets Index (the “MSCI EM Index”). BlackRock determines that an investment is tied economically to an emerging market if such investment satisfies one or more of the following conditions: (1) the issuer’s primary trading market is in an emerging market; (2) the issuer is organized under the laws of, derives at least 50% of its revenue from, or has at least 50% of its assets in emerging markets; or (3) the investment is included in an index representative of emerging markets.
The Fund primarily intends to invest in equity securities, which include common stock, preferred stock and depositary receipts, or other financial instruments that are components of, or have characteristics similar to, the securities included in the MSCI EM Index. The MSCI EM Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. As of July 31, 2024, the issuers in the MSCI EM Index have a market capitalization ranging from $113 million to $700 billion. The Fund primarily seeks to buy common stock and may also invest in preferred stock. The Fund may also purchase convertible securities. From time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”).
The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and forward contracts both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value is derived from another security, a currency or an index, including but not limited to the MSCI EM Index. The use of options, futures, swaps (including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and forward contracts can be effective in protecting or enhancing the value of the Fund’s assets.
The Fund seeks to pursue its investment objective by investing in securities in a disciplined manner, by using proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to prioritize insights that demonstrate downside protection as well as identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular equity securities while seeking to control incremental risk. BlackRock then constructs and rebalances the portfolio by integrating its investment insights with the model-based optimization process.
BADEX - Performance
Return Ranking - Trailing
| Period | BADEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 14.5% | -12.4% | 39.1% | 59.66% |
| 1 Yr | 21.9% | -4.5% | 47.7% | 77.73% |
| 3 Yr | 4.2%* | -12.2% | 12.9% | 11.66% |
| 5 Yr | N/A* | -3.1% | 13.1% | N/A |
| 10 Yr | N/A* | -2.4% | 7.1% | N/A |
* Annualized
Return Ranking - Calendar
| Period | BADEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.5% | -6.5% | 35.5% | 39.53% |
| 2022 | -13.4% | -50.1% | -2.4% | 2.88% |
| 2021 | N/A | -33.1% | 22.5% | N/A |
| 2020 | N/A | -22.1% | 80.1% | N/A |
| 2019 | N/A | -0.7% | 42.0% | N/A |
Total Return Ranking - Trailing
| Period | BADEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 14.5% | -12.4% | 39.1% | 59.66% |
| 1 Yr | 21.9% | -4.5% | 47.7% | 77.73% |
| 3 Yr | 4.2%* | -12.2% | 12.9% | 11.66% |
| 5 Yr | N/A* | -3.1% | 13.1% | N/A |
| 10 Yr | N/A* | -2.4% | 7.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | BADEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 11.7% | -2.7% | 42.0% | 43.44% |
| 2022 | -11.3% | -42.2% | 1.9% | 3.31% |
| 2021 | N/A | -32.5% | 33.1% | N/A |
| 2020 | N/A | -20.0% | 81.6% | N/A |
| 2019 | N/A | 2.3% | 42.0% | N/A |
NAV & Total Return History
BADEX - Holdings
Concentration Analysis
| BADEX | Category Low | Category High | BADEX % Rank | |
|---|---|---|---|---|
| Net Assets | 10.6 M | 682 K | 103 B | 94.84% |
| Number of Holdings | 112 | 10 | 7534 | 42.40% |
| Net Assets in Top 10 | 1.7 M | 290 K | 23.8 B | 96.65% |
| Weighting of Top 10 | 16.11% | 2.9% | 100.2% | 95.53% |
Top 10 Holdings
- BlackRock Liquidity Funds: T-Fund, Institutional Shares 2.34%
- Colgate-Palmolive India Ltd 1.56%
- Zydus Lifesciences Ltd 1.55%
- MISC Bhd 1.55%
- HCL Technologies Ltd 1.55%
- Lupin Ltd 1.54%
- Boubyan Bank KSCP 1.52%
- Haier Smart Home Co Ltd 1.51%
- Larsen Toubro Ltd 1.51%
- Hellenic Telecommunications Organization SA 1.50%
Asset Allocation
| Weighting | Return Low | Return High | BADEX % Rank | |
|---|---|---|---|---|
| Stocks | 97.74% | 0.00% | 107.82% | 38.35% |
| Cash | 2.90% | -2.03% | 16.88% | 25.24% |
| Other | 0.01% | -0.46% | 26.93% | 20.36% |
| Preferred Stocks | 0.00% | 0.00% | 13.31% | 80.47% |
| Convertible Bonds | 0.00% | 0.00% | 7.40% | 54.07% |
| Bonds | 0.00% | 0.00% | 88.10% | 59.41% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | BADEX % Rank | |
|---|---|---|---|---|
| Financial Services | 21.74% | 0.00% | 48.86% | 51.84% |
| Communication Services | 15.29% | 0.00% | 39.29% | 3.53% |
| Technology | 12.91% | 0.00% | 47.50% | 92.09% |
| Healthcare | 12.44% | 0.00% | 16.53% | 9.04% |
| Consumer Defense | 12.02% | 0.00% | 25.90% | 7.77% |
| Consumer Cyclical | 6.35% | 0.00% | 48.94% | 94.77% |
| Basic Materials | 5.98% | 0.00% | 30.03% | 68.22% |
| Energy | 5.27% | 0.00% | 24.80% | 31.78% |
| Utilities | 4.22% | 0.00% | 39.12% | 9.18% |
| Industrials | 3.79% | 0.00% | 43.53% | 81.36% |
| Real Estate | 0.00% | 0.00% | 17.15% | 93.08% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | BADEX % Rank | |
|---|---|---|---|---|
| Non US | 90.57% | 0.00% | 101.28% | 29.01% |
| US | 7.17% | 0.00% | 100.13% | 61.23% |
BADEX - Expenses
Operational Fees
| BADEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 3.86% | 0.03% | 29.98% | 5.73% |
| Management Fee | 0.80% | 0.00% | 2.00% | 37.85% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 40.20% |
| Administrative Fee | N/A | 0.01% | 0.85% | N/A |
Sales Fees
| BADEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 5.25% | 3.50% | 5.75% | 74.16% |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| BADEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| BADEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 64.00% | 0.00% | 189.00% | 68.15% |
BADEX - Distributions
Dividend Yield Analysis
| BADEX | Category Low | Category High | BADEX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.67% | 0.00% | 9.74% | 46.72% |
Dividend Distribution Analysis
| BADEX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | SemiAnnual | Annual |
Net Income Ratio Analysis
| BADEX | Category Low | Category High | BADEX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.27% | -1.98% | 17.62% | 66.28% |
Capital Gain Distribution Analysis
| BADEX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Quarterly | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 08, 2023 | $0.114 | OrdinaryDividend |
| Jul 20, 2023 | $0.068 | OrdinaryDividend |
| Dec 07, 2022 | $0.203 | OrdinaryDividend |
| Jul 14, 2022 | $0.007 | OrdinaryDividend |
| Dec 07, 2021 | $0.311 | OrdinaryDividend |
| Jul 15, 2021 | $0.034 | OrdinaryDividend |
| Dec 30, 2020 | $0.003 | OrdinaryDividend |
BADEX - Fund Manager Analysis
Managers
Jeff Shen
Start Date
Tenure
Tenure Rank
Dec 21, 2020
1.44
1.4%
Jeff Shen, PhD, Managing Director, is Co-CIO of Active Equity and Co-Head of Systematic Active Equity (SAE) at BlackRock. He is responsible for Asia Pacific and Emerging Market Active Equity Strategies. He is BlackRock's Head of Emerging Market and a member of the Global Operating Committee. Dr. Shen's service with BlackRock dates back to 2004, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was the Head of Investment for Asia Pacific and Emerging Market active equities. Prior to joining BGI, he began his career in 1997 with JP Morgan where he held numerous positions in global macro investment and asset allocation research in both New York and London. Dr. Shen earned a BA degree in Economics from Hobart College, a MA degree in Economics from University of Massachusetts at Amherst, and a PhD degree in Finance from New York University. Dr. Shen is an adjunct professor at NYU teaching a MBA class on international investment. He also serves on the advisory board of Clausen Center at UC Berkeley.
Richard Mathieson
Start Date
Tenure
Tenure Rank
Dec 21, 2020
1.44
1.4%
Richard Mathieson, CA, Managing Director of BlackRock, Inc. since 2011; Director of BlackRock, Inc. from 2009 to 2011; Principal at Barclays Global Investors from 2008 to 2009; Equity Analyst for Exista UK from 2007 to 2008; Principal at Barclays Global Investors from 2005 to 2007; Associate of Barclays Global Investors from 2001 to 2005. Mr. Mathieson is a member of the Systematic Active Equity division within BlackRock's Active Equities Group. He is a Portfolio Manager responsible for global equity strategies. Prior to this he led the Investment Strategy team in EMEA for Scientific Active Equity. Mr. Mathieson's service with the firm dates back to 2002, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to rejoining BGI in 2008, Mr. Mathieson was an equity analyst for a specialist investment company focused on European financial stocks. Previously he was with BGI as a senior portfolio manager, where he was responsible for managing both long only and market neutral strategies. Prior to joining the BlackRock, Inc. in 1999, Robert was a mortgage banking specialist at Ohio Savings Bank. Mr. Mathieson qualified as a Chartered Accountant with PricewaterhouseCoopers in 2000, and holds a Bachelor of Accountancy from the University of Glasgow
Robert Fisher
Start Date
Tenure
Tenure Rank
Dec 21, 2020
1.44
1.4%
Robert Fisher, CFA, Director and senior portfolio manager, is a member of the European Equities team in the Scientific Active Equity division of BlackRock's Portfolio Management Group. He is responsible for managing Market Neutral strategies. Mr. Fisher's service with the firm dates back to 2001, including his years with Barclay's Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he served as a senior portfolio manager within the European Scientific Equity team. Prior to joining BGI, he worked at the Bank of New York, Europe. Mr. Fisher earned a masters in aeronautical & astronautical engineering from Southampton University in 1999.
David Piazza
Start Date
Tenure
Tenure Rank
Dec 21, 2020
1.44
1.4%
Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 33.71 | 6.64 | 13.42 |
